Author: Josef Kefas Sheehama (Josef Kefas Sheehama )

South Africa’s rand tumbled to 19.51 against the United States dollar, as geopolitical risks added to investor concerns over a domestic energy crisis and global monetary tightening.

As the world observes the 2023 May Day celebration, workers in Namibia are lamenting over unfair labour practices, like casualisation and non-payment of minimum wage by some employers- under the theme ‘Workers United in Ensuring Productivity for National Economic Growth and Guarding against Unfair Labour Practices in the World of Work’.

The conventional view among economists is that higher interest rates lead to lower inflation. To substantiate my argument, since 2022, the Bank of Namibia increased the repo rate, which never curbs inflation.

We live in a great country, and you and I are at a perfect moment in the history of Namibia. It is not all doom and gloom, and the good news is that there is light at the end of the tunnel. 

The Bank of Namibia is expected to raise interest rates by 0.50 basis points on 19 April 2023 to curtail ravaging inflation and a fast-depreciating Namibia dollar. 

The government has buckled under pressure and plans to retrench civil servants to cut its wage bill as it struggles to pay its 107 000 employees. The plan is to transform the public service and offer effective services at all levels of government.

President Hage Geingob will deliver the State of the Nation Address (Sona) on 16 March 2023, with many anticipating that focus will be on reshaping economic activity and building the resilience of the economy.

As a source of employment, economic dynamism, competition, and innovation, the contribution of SMEs to the economic development of Namibia is significant.

For more than 32 years, the Namibian government has invested hundreds of millions in various strategies to support all regions. Yet, our regions are still struggling with high unemployment, lack of opportunities and shrinking entrepreneurship development.